SECP approves Fauji Foundation's takeover of 51% stake in Askari General Insurance, Askari Life Assurance
Army Welfare Trust to transfer controlling shareholding in both companies; approvals subject to conditions under Insurance Ordinance 2000
The Securities and Exchange Commission of Pakistan (SECP) has approved the transfer of 51% shareholding and control of Askari General Insurance Company Limited and Askari Life Assurance Company Limited from Army Welfare Trust (AWT) to Fauji Foundation (FF), according to separate notices issued by the companies.
In a disclosure of price-sensitive information dated July 24, 2026, Askari General Insurance Company Limited informed the Pakistan Stock Exchange (PSX) that the SECP, vide its letter dated July 23, 2026, had acceded to the request for transfer of shareholding, subject to certain terms and conditions.
The disclosure, signed by Waqas Ali Janjua, Company Secretary, referred to the company's earlier disclosures dated July 8, 2026 and July 17, 2026, regarding the proposed transfer of the 51% shareholding.
According to the SECP approval letter, the transfer was approved under Section 67 of the Insurance Ordinance 2000 and SRO 447(I)/2024. The approval is subject to two conditions: that the transfer is limited to 51% shareholding, subject to the agreement between the acquirer and transferor and to all necessary internal and external approvals; and that any further acquisition or transfer of shareholding in the company will require separate applications under the applicable regulatory framework.
The SECP also clarified that the approval does not preclude the need for any other approvals required under relevant laws, rules, or regulations.
In a similarly worded letter dated July 23, 2026, the SECP granted approval for the transfer of 51% shareholding in Askari Life Assurance Company Limited from Army Welfare Trust to Fauji Foundation, under the same regulatory provisions and subject to identical conditions.
Both approval letters were addressed to the Secretary of Fauji Foundation, the Chief Executive Officers of the respective companies, and the Secretary of Army Welfare Trust.
Comments
No comments yet. Be the first to join the discussion!
